Americans Lament Govt Bills on Tax 'Freedom' Day
WASHINGTON -- So far this year, every cent Americans have earned has gone to pay for the costs of government and social programs.
As Americans mark April 21, Tax Freedom Day, many say it's a crime that citizens spend so much of their year working to pay Washington's bills.
"This year it's going to take Americans 111 days to pay their total tax bill for the year," Kyle Pomerleau, an economist with the Tax Foundation, said.
Will taxes be a big issue in this year's coming election? Jordan Lieberman, president of Campaign Grid, answers this and more, on CBN Newswatch, April 21.
For the first four months of 2014, American labor has strictly gone to pay taxes until April 21. Contrast that to the American workers of 1900, who only had to work till Jan. 22 to pay off their taxes.
"We'll be paying $3 trillion to the federal government through individual income taxes, payroll taxes, and corporate income taxes, (and) an additional $1.5 trillion to state and local governments through sales taxes, excise taxes, and income taxes to our states," Pomerleau explained.
This year, just over 30 percent of Americans' income goes to paying the costs of government and social programs. But in 1900, Americans saw less than 6 percent of their income eaten up by taxes.
Most citizens now actually pay more for government than they do for their food, their homes, and their clothes.
"This year we'll be paying a total tax bill of $4.5 trillion. This is more than we pay as a nation on food, clothing, and housing combined," Pomerlau said.
A new poll shows most Americans, 52 percent, feel taxes are too high.
However, 42 percent feel they're just about right, and 3 percent of Americans actually feel their taxes are too low.
Meanwhile, if you feel your overall taxes went up, you're not imagining it. The fiscal cliff deal Washington politicians worked out at the start of 2013 has raised the taxes of more than three-fourths of Americans.
In addition, the first two of several Obamacare tax hikes has taken effect, meaning Americans won't be getting any tax relief in the near future.